Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Timeframe (05-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $20,000 mark and has been moving within the same price zone since last week. The resistance level BTC is struggling to get above is the $20,600 mark. It is a crucial zone that was previously acting as strong support, and the bulls will have to push hard to get above it. The macro trend is still bearish for Bitcoin, and it is likely that we will see the price continue to drop in the mid-term. Let’s take a quick look at the latest 1-day charts to see how things are looking for Bitcoin in the short term.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,450 bonus. (Bonus may vary based on deposit amount)
Claim up to $4450 in Bonus
Analyzing the Charts
If we take a look at the 1-day timeframe for Bitcoin, we can see that the price is facing resistance at $20,600 and is also holding the support at $19,600. It is not a strong support level, and we can expect BTC to break below it in the immediate short term.
The main zone to watch for Bitcoin is still the $19,200 mark. It has been acting as major support for the past couple of months, and we can expect the price to gain some momentum around this level.
We can also notice that the price is forming a bearish pennant on the 1-day timeframe and could drop further soon.
The next lower level we will be eyeing for Bitcoin is the $17,600 mark. It is the lowest level Bitcoin has touched since 2020, and we can expect it to be the next target.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been trading within the same zone for a week now, and we can expect it to drop further in the coming days. We are now eyeing the lower levels for BTC and are expecting it to touch the $17,600 mark. We will not be placing any short-term trades at the moment and will be accumulating more Bitcoin in chunks.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus
Recommended Bitcoin Trading Platforms: